You're probably upset with the rising cost of gas. But, according to the National Association of Convenience Stores, how you pay for your gas is slightly to blame for the higher gas prices.
The NACS's Jeff Lenard says the way you pay for your gas is slightly to blame for the prices at the pump... and may be hurting your bank account more than you know. "When prices go up, more people pay with plastic and that increases the fees," says Lenard.
Call it the cost of doing business. Lenard says gas stations get charged about 2 percent every time you use your credit or debit card to top off your tank. At $3.50 a gallon, that's about 7 cents extra in credit card fees. "The retailers, he or she has to pass that on or eat it when they already have very slim margins. Ultimately the customer pays the price."
Paying for gas with your debit card can also leave your bank account in the red. Lenard says when banks don't know the final amount of your gas purchase, they put a hold on your bank account, freezing up more than you actually spent, sometimes for days.
Lenard suggests you look for gas stations that offer discounts for paying with cash. And if you must use a debit card... stay on top of your bank statements.
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